Credit Insurance

Life is unpredictable. Protect yourself, your family, and your income from unexpected life events that can create financial hardships. With PenFed’s Credit Insurance program, your loan balance or your monthly loan payment could be made without penalty or added interest in the event of your death or disability. You trust us with your loan; now trust us to protect it with Credit Insurance.

How much does Credit Insurance cost?

Coverage

Rate per $1,000 of loan balance*

Single Life

$0.55

Joint Life

$0.88

Single Disability

$1.06

*Premium rates and offers are current as of July 2013 unless otherwise noted and are subject to change.

Life- At a time when your family has enough to worry about, the burden of worrying about repayment of a loan should not be added. Let Credit life insurance take that burden away by reducing or paying off your loan up to a maximum of $70,000 if you die.

Disability- Let Credit disability insurance help you avoid the stress of bills piling up when you become sick or injured and are unable to work. Use the disability coverage you may have at work to pay for your essential living expenses; and let Credit disability Insurance make your monthly loan payments up to a maximum of $850 per month if you become ill or disabled and are unable to work.

A benefit for youThis Credit Insurance program was designed to fit the times we live in today. More than ever, we all worry about things that might happen tomorrow. Credit Insurance protects your family’s financial security – knowing your loan will not become a burden to you or your loved ones in times of hardship.

Cancel at any timeYou may cancel Credit Insurance at any time. If you do so within the first 30 days, we will refund any premiums paid.

For more information or to see if your loan is eligible for optional Credit Insurance, call a PenFed Representative at 800-247-5626.

Disclosures

Credit Insurance is not a deposit or obligation of, or guaranteed by, PenFed or its affiliates. Credit Insurance is not guaranteed by an agency of the federal government. Your credit approval cannot be conditioned on whether you purchase Credit Insurance. You may obtain insurance to protect your loan from an entity not affiliated with PenFed. We will give you additional information before you are required to pay for Credit Insurance. This information will include a copy of the contract containing the terms and conditions of Credit Insurance.

There are eligibility requirements, conditions, and exclusions that could prevent you from receiving Credit Insurance benefits. You should carefully read your Credit Insurance certificate for a full explanation of the terms and conditions of the Credit Insurance program.

These products are optional. Insurance products are not a deposit or obligation of, or guaranteed by, PenFed or its affiliates. These products are not insured or guaranteed by NCUA or any agency of the federal government. Your credit approval cannot be conditioned on whether you purchase any of the insurance products. You may obtain insurance to protect your loan from an entity not affiliated with PenFed.Rates are current as of August 2015 unless otherwise noted and are subject to change. APY = Annual Percentage Yield APR = Annual Percentage Rate

Estimated Market Value of Property

$

Mortgage Balance

$

Loan to Value Factors *

Requested Loan Amount

$

Term of Loan

Years

Your Interest Rate

Monthly Payment

* In states other than Florida, Michigan, and Texas, the maximum owner occupied CLTV (combined loan to value) for a PenFed Home Equity Loan is 85%, non-owner occupied is 75%. In Florida and Michigan, the maximum owner occupied CLTV is 70%. In Texas, the maximum owner occupied CLTV allowed is 80% and non-owner occupied is CLTV 75%. Additional restrictions apply in Texas, so please ask a representative for details. The maximum CLTV on condominiums in all states is 70%.